I have a home loan and have an insurance cover for it (the loan amount is covered and as the outstanding loan goes down, the cover goes down as well).
When a take a new term plan, existing policies are to be declared. How should i declare this loan insurance, with its initial cover or the current outstanding? (say I have loan for 5Lakh and I took an insurance to cover it. I have repaid 3 Lakhs and outstanding is 2 Lakh, should i declare as I have a policy for 5L or 2L).
Which one would you suggest for term plan, HDFC or ICIC? does ICICI has higher solvency margin and CSR?
Thanks & Regards,